As a seasoned crypto investor with battle scars from the infamous 2017 bull run and the 2018 bear market, I can’t help but feel a mix of excitement and apprehension looking at Bitcoin’s current price surge. Breaking above $65,000 yet again has more than 90% of holders in profit, which is reminiscent of the frenzy that preceded the correction we saw back in July.
The value of Bitcoin is surging once more, having exceeded $65,000 for the first time in over a month.
A large proportion (more than 90%) of its users are currently making a profit, which might potentially signal trouble for the leading cryptocurrency.
Bitcoin is steadily climbing, and with it, the number of holders in profit.
Should Bitcoin surpass the $65k mark, more than 90% of its current holders will find themselves in a profitable position. This is a price point we haven’t seen since July, a time when Bitcoin momentarily aimed for a new peak but eventually fell short of it.
The question now is: will this time be different?
— IntoTheBlock (@intotheblock) September 26, 2024
According to a recent tweet by IntoTheBlock, the situation has shifted rapidly, as over 90% of Bitcoin investors could potentially realize profits if the asset’s value surpasses $65,000.
As an analyst, I observed that within a short span of time, the value of the cryptocurrency I was tracking climbed from approximately $64,000 to an unprecedented high of $65,260. This new peak is the highest it’s been since August 2nd and marks the third time since then that Bitcoin’s price has touched the $65,000 threshold.
Despite achieving substantial profits with a large number of investors, it may lead to possible price adjustments due to the tendency for them to sell their assets in profitable scenarios. This selling wave often occurs when their investments have turned a profit.
Back in July, when more than 90% of the holders had profits, this is what happened. In the subsequent months, Bitcoin’s price plummeted as many people cashed out their earnings.
Earlier today, it was reported by CryptoPotato that the value of cryptocurrencies might face a short-term setback because large investors, commonly referred to as ‘whales,’ have been aggressively selling off Bitcoin, amounting to approximately $1.28 billion in a single day.
Read More
- Exploring Mod Support for Smite 2: A Community-Driven Opportunity
- PENDLE PREDICTION. PENDLE cryptocurrency
- Unlocking the Mystery of Brawl Stars’ China Skins: Community Reactions
- Understanding Player Choices in Hades: The Case of Merciful End
- How to repair weapons & gear in Stalker 2
- Exploring Brawl Stars: Should We Remove Useless Features?
- SOLO PREDICTION. SOLO cryptocurrency
- The Future of Final Fantasy: Why Final Fantasy 7 Rebirth Is Skipping DLC
- POPCAT PREDICTION. POPCAT cryptocurrency
- Smite 2: Overcoming the Fear of Your First Match in the MOBA Universe
2024-09-26 17:46